EnergyWatch

Oil's biggest rigs headed to junkyard as daily losses mount

More deepwater rigs were sent for scrapping in this year's third quarter than ever before in a 90-day period, which suggests that the market might never completely recover.

Photo: Transocean

Transocean Ltd. is finally sending Pathfinder to its grave, after two years in a Caribbean purgatory that cost about USD 15,000 a day.

The move by the world's biggest offshore-rig operator signals just how bleak the future looks for deepwater drilling. Pathfinder is the most famous of six floating rigs the company is scrapping in burials that will add up to a bruising USD 1.4 billion write-off. Competitors are going the same route, jettisoning more rigs in the third quarter than have ever been trashed in a 90-day stretch, according to Heikkinen Energy Advisors analyst David Smith.

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